BitCoin investor who lose their wallet passwords are forced to take radical steps.

in #bitcoin7 years ago

We all know that when BitCoin started, lots of enthusiasts who believed in the technology invested all they had in it. There were also tons of freelancers, who earned good bucks on BitCoin faucets, registrations, and other dubious affairs (back in 2010, there were websites that would give you 25 BTC just for registering... golden days, right?).

Fast forward a few years. All those early enthusiasts have grown up and mostly forgotten about the "super interesting, high-potential technology". Eventually, however, they understood that their erstwhile hobby, which they had paid just a few bucks for, had become a serious investment. But here's the issue: their logins and passwords are long forgotten, lost, and gone.
Some have managed to accept the loss, but some are almost going mad, grabbing at any options to recover their lost login details.

A possible salvation for these wretched souls comes from South Carolina in the person of a certain Jason Miller, a hypnotist. He claims to have discovered a technique to help his clients recover their "deep" memories.
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The hypnosis advisor charges 1 BTC +5% of any recovered BitCoins; with the current exchange rates, you will have to pay at least $18 000. On the positive side, you will not have to pay if you don't remember anything :).

A quick reminder: a BitCoin wallet key is different from a password to an online banking account. If you lose your online banking password, you simply need to call the bank and identify yourself; this will not work with a BitCoin wallet, though. You will have to remember or recover all parts of your password yourself.

Hypnosis aside, some forgetful users come up with other creative methods to recover their old passwords - including super computers that can supposedly hack their old wallets and help regain control over the lost assets.

Here's an example. A certain Philip Neumeier bought 15 BTC for $260 in 2013; now his BitCoins are worth $300 thousand, but there's a glitch: he's forgotten the password. Mr Neumeier is a skeptic and does not believe in the powers of hypnosis, so he decided to build a supercomputer in order to hack his wallet. The task requires so much energy that Philip had to place the computer into a reservoir filled with 270 of demineralized water to keep it from overheating.
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According to Neumeier, although his creation is working 24/7, it will take around 300 years to complete the task. We do hope that the result will be worth his time and effort! :)

On a different note, here's a story of someone who's learned to live with the loss. Once upon a time, when all things crypto were new and exotic and were sold for a few cents, a Mr. James Howells bought 7500 BitCoins. At some later point, James decided to upgrade his computer and threw away the hard drive he had used to store his BitCoins ini 2013. Today his BTC would be worth $135 million, but finding the landfill where his huge fortune lies under a thick layer of waste would be impossible even more the most powerful supercomputer coupled with the best hypnotherapist.

How would you react if you forgot your wallet password? Would you call a hypnotists or go fill a tub with cold water for your supercomputer? :) By the way, if you decide to go with a supercomputer, don't forget it in your will so that your great-grandchildren don't forget to hit "finish" once the decryption cycle is complete!

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